MIRA INFORM REPORT
|
Report Date : |
20.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SONA KOYO STEERING SYSTEMS LIMITED |
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|
|
|
Registered
Office : |
UGF-6, Indraprakash, 21, |
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Country : |
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|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.06.1984 |
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Com. Reg. No.: |
55-018415 |
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Capital
Investment / Paid-up Capital : |
Rs. 198.742 Millions |
|
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|
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CIN No.: [Company Identification
No.] |
L29113DL1984PLC018415 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS45576G |
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PAN No.: [Permanent Account No.] |
AABCS7787C |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Steering Systems and Other Auto Components
for the passenger car and utility vehicle manufacturers. |
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|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7600000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile marked by sound liquidity
position and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans : A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
February 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based limits : A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
February 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-124-4685000 / 91-11-23311924]
LOCATIONS
|
Registered Office : |
UGF-6, Indraprakash, 21, |
|
Tel. No.: |
91-11-23311924/ 1925 |
|
Fax No.: |
91-11-23327205 |
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E-Mail : |
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Website : |
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Liaison Office : |
2nd Floor, |
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Corporate Office / Factory 1 : |
38/6, NH-8, |
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Tel. No.: |
91-124-4685000 |
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Fax No.: |
91-124-4104611/ 4104621 |
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E-Mail : |
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Factory 2 : |
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Tel. No.: |
91-44-37170000 |
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Fax No.: |
91-44-27162349 |
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Factory 3 : |
Plot No.32, Industrial Area, Phase II, Dharuhera, District
Rewari, |
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Tel. No.: |
91-1274-242978/ 82 |
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Factory 4 : |
Plot No.D9, |
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Factory 5 : |
Plot No. 19, Industrial
Area, Dharuhera, District Rewari, |
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Factory 6 : |
Village Malpura, Tehsil
Dharuhera, Distract Rewari, |
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Factory 7 : |
Plot
No. 731, Sector 37C, Pace City II, Gurgaon, |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Surinder
Kapur |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
70 Years |
|
Qualification : |
Ph. D.(Mechanical Engineering), |
|
Experience : |
40 Years |
|
Date of Appointment : |
01.10.1990 |
|
|
|
|
Name : |
Mr. Sunjay Kapur |
|
Designation : |
Vice Chairman and Managing Director |
|
Date of Birth/Age : |
43 Years |
|
Qualification : |
Graduate in Business Admn. From |
|
Experience : |
18 Years |
|
Date of Appointment : |
22.10.2008 |
|
|
|
|
Name : |
Mr. Kiyozumi
Kamiki |
|
Designation : |
Dy. Managing Director |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
Master Degree of Engineering |
|
Experience : |
32 Years |
|
|
|
|
Name : |
Mr. Hidekazu Omura
|
|
Designation : |
Nominee of JTEKT
Corporation, |
|
|
|
|
Name : |
Mr. Kazuhiko Ayabe |
|
Designation : |
Nominee of Maruti Suzuki India Limited |
|
Date of Birth/Age : |
55 Years |
|
Qualification : |
Graduate from Department of Mechanical
Engineering, College of |
|
|
|
|
Name : |
Mr. Jug Mohan
Kapur |
|
Designation : |
Director |
|
Date of Birth/Age : |
71 Years |
|
|
|
|
Name : |
Mr. Ramesh Suri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravi
Bhoothalingam |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. K. Chadha |
|
Designation : |
Director |
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|
|
|
Name : |
Lt. Gen. (Retd) Shamsher Singh Mehta |
|
Designation : |
Director |
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|
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|
Name : |
Ms. Ramni Nirula |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Prasan Abhaykumar Firodia |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir Chopra |
|
Designation : |
President and Company
Secretary |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
B.Com, FCS, LL.B. |
|
Experience : |
36 Years |
|
|
|
|
Name : |
Mr. Rajan Govindrajan Sunder |
|
Designation : |
President |
|
Date of Birth/Age : |
51 Years |
|
Qualification : |
B.Sc., MBA and Master of Information Management |
|
Experience : |
29 Years |
|
|
|
|
Name : |
Mr. Singh Bahadur Ramesh |
|
Designation : |
Chief (VSME Programme) |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
B.E. (Production) |
|
Experience : |
35 Years |
|
|
|
|
Executive Management : |
· Dr. Surinder Kapur · Mr. Sunjay Kapur · Mr. Kiyozumi Kamiki · Mr. Sudhir Chopra · Mr. Sunder Rajan |
|
|
|
|
Operating Management : |
· Mr. Sunjay Kapur · Mr. Kiyozumi Kamiki · Mr. Sudhir Chopra · Mr. Sunder Rajan · Mr. A. D. Rao · Mr. Rajiv Chanana · Mr. R. Balaji · Mr. Vikas Marwah · Mr. P. P. Gajpal · Mr. H. Deiva Subramanian · Mr. G. R. Yadav · Mr. Jitender Khatri · Mr. Shyamal Saha · Mr. Sudhir Kumar Sharma · Mr. Akhil Kumar Jain |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
872327 |
0.44 |
|
|
63748304 |
32.08 |
|
|
64620631 |
32.51 |
|
|
|
|
|
|
39947108 |
20.10 |
|
|
39947108 |
20.10 |
|
Total
shareholding of Promoter and Promoter Group (A) |
104567739 |
52.61 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1169598 |
0.59 |
|
|
109847 |
0.06 |
|
|
1200000 |
0.60 |
|
|
434144 |
0.22 |
|
|
2913589 |
1.47 |
|
|
|
|
|
|
12367294 |
6.22 |
|
|
|
|
|
|
39059174 |
19.65 |
|
|
32064655 |
16.13 |
|
|
7769381 |
3.91 |
|
|
5000 |
0.00 |
|
|
2595483 |
1.31 |
|
|
222445 |
0.11 |
|
|
4946453 |
2.49 |
|
|
91260504 |
45.92 |
|
Total Public
shareholding (B) |
94174093 |
47.39 |
|
Total (A)+(B) |
198741832 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
198741832 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steering Systems and Other Auto Components
for the passenger car and utility vehicle manufacturers. |
|
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|
Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
·
State Bank of · Standard Chartered Bank · Corporation Bank ·
State Bank of · EXIM Bank · Allahabad Bank · Indian Bank · Yes Bank · Kotak Mahindra Bank ·
IndusInd Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S P Puri and Company Chartered
Accountants |
|
Address : |
4/18, Asaf Ali Road, New Delhi – 110002, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Ernst and Young LLP Chartered
Accountants |
|
Address : |
Golf
View Corporate Tower-B, Sector 42, Sector Road, Gurgaon – 122002, Haryana,
India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Gurdeep
Singh and Associates Cost Accountants |
|
Address : |
3238,
Ranjit Nagar, Near Metro Station Patel Nagar, New Delhi – 110008, India |
|
|
|
|
The entity having
substantial interest in the Company : |
JTEKT Corporation |
|
|
|
|
Others (significant
influence) : |
· Sona BLW Precision Forgings Limited (Formerly known as Sona Okegawa Precision Forgings Limited) transactions upto 25th April, 2012 · Mahindra Sona Limited · Maruti Suzuki India Limited · Sona e-design and Technologies Limited · Pune Heat Treat Private Limited · Kapur Properties and Investment · Sona Autocomp Holding Limited (Formerly known as Sona Autocomp Holding Private Limited) · Mandira Marketing Limited · Koyo Bearings India Private Limited · Sona BLW Prazisionsschmiede GmbH · Somic ZF Components Limited (Formerly known as Sona Somic Lemforder Components Limited) transaction and balance up to 25th April, 2012 ·
Wheels Mobility Solutions Limited (Formerly
known as Sona Mobility Services Limited) transaction up to 11th January, 2013 |
|
|
|
|
Subsidiaries : |
· Sona Fuji Kiko Automotive Limited · Sona Stampings Limited ** ·
JTEKT Sona Automotive India Limited (Merged
with Company w.e.f. 01-04-2013) |
|
|
|
|
Associates : |
Sona Skill Development Centre Limited ** Merged with Company w.e.f. April 1, 2013. |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
271000000 |
Equity Shares |
Re. 1/- each |
Rs. 271.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
198741832 |
Equity Shares |
Re. 1/- each |
Rs. 198.742 Millions |
|
|
|
|
|
(a) Reconciliation of the equity shares outstanding at the beginning and
at the end of reporting year
|
Reconciliation |
31.03.2014 |
|
|
|
No. of shares |
Rs. in Millions |
|
Shares outstanding at the beginning of the year |
198741832 |
198.742 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
198741832 |
198.742 |
(b) Terms/rights attached to equity shares
The Company has
only one class of equity shares having a par value of Re. 1/- per share. Each
holder of equity shares is entitled to one vote per share. The dividend
proposed by the board of directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim
dividend. In the event of liquidation, the equity share holders are eligible to
receive the remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholding.
(c) Detail of shareholders holding more than 5% shares in the company.
|
Name of Shareholders |
31.03.2014 |
|
|
|
No. of shares |
% of Holding |
|
Equity share of Re.1/- each fully paid |
|
|
|
Sona Autocomp Holding Private Limited (Earlier known as Sona
Autocomp Holding Private Limited) |
49914664 |
25.12% |
|
JTEKT Corporation, Japan |
39947108 |
20.10% |
|
Maruti Suzuki India Limited |
13800000 |
6.94% |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
198.742 |
198.742 |
198.742 |
|
(b) Reserves & Surplus |
2465.642 |
2232.148 |
2077.177 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2664.384 |
2430.890 |
2275.919 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1610.573 |
1973.317 |
1800.823 |
|
(b) Deferred tax liabilities (Net) |
390.058 |
391.281 |
322.033 |
|
(c)
Other long term liabilities |
5.080 |
4.446 |
1.650 |
|
(d)
long-term provisions |
45.290 |
43.552 |
36.231 |
|
Total
Non-current Liabilities (3) |
2051.001 |
2412.596 |
2160.737 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
482.301 |
498.976 |
150.227 |
|
(b)
Trade payables |
1528.832 |
1467.057 |
1672.182 |
|
(c)
Other current liabilities |
864.291 |
886.772 |
703.604 |
|
(d)
Short-term provisions |
209.109 |
176.734 |
175.517 |
|
Total
Current Liabilities (4) |
3084.533 |
3029.539 |
2701.530 |
|
|
|
|
|
|
TOTAL |
7799.918 |
7873.025 |
7138.186 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4025.072 |
4014.074 |
3522.190 |
|
(ii)
Intangible Assets |
189.641 |
195.760 |
210.848 |
|
(iii)
Capital work-in-progress |
553.200 |
249.901 |
370.377 |
|
(iv) Intangible assets under development |
121.116 |
64.794 |
38.358 |
|
(b) Non-current
Investments |
346.281 |
687.707 |
678.820 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
84.635 |
83.672 |
208.977 |
|
(e)
Other Non-current assets |
2.069 |
1.922 |
1.786 |
|
Total
Non-Current Assets |
5322.014 |
5297.830 |
5031.356 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
710.844 |
544.595 |
387.617 |
|
(c)
Trade receivables |
1390.908 |
1558.006 |
1256.494 |
|
(d)
Cash and cash equivalents |
20.611 |
14.725 |
12.473 |
|
(e)
Short-term loans and advances |
263.349 |
235.847 |
233.554 |
|
(f)
Other current assets |
92.192 |
222.022 |
216.692 |
|
Total
Current Assets |
2477.904 |
2575.195 |
2106.830 |
|
|
|
|
|
|
TOTAL |
7799.918 |
7873.025 |
7138.186 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10429.952 |
11185.626 |
11405.302 |
|
|
|
Other Income |
403.128 |
55.661 |
39.629 |
|
|
|
TOTAL (A) |
10833.080 |
11241.287 |
11444.931 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7141.883 |
7699.370 |
8140.791 |
|
|
|
Purchases of stock-in-trade |
194.851 |
178.431 |
109.466 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(124.313) |
(42.849) |
14.489 |
|
|
|
Employee benefits expense |
1104.892 |
1067.377 |
953.844 |
|
|
|
Research & development expenses |
29.405 |
27.762 |
26.346 |
|
|
|
Other expenses |
1093.434 |
1075.231 |
966.896 |
|
|
|
TOTAL (B) |
9440.152 |
10005.322 |
10211.832 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1392.928 |
1235.965 |
1233.099 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
318.943 |
335.227 |
336.947 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1073.985 |
900.738 |
896.152 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
490.985 |
431.781 |
333.406 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
583.000 |
468.957 |
562.746 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
66.385 |
162.849 |
174.376 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
516.615 |
306.108 |
388.370 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of export of goods |
890.262 |
624.431 |
420.092 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
240.522 |
288.166 |
126.434 |
|
|
|
Raw Materials |
31.811 |
97.616 |
31.949 |
|
|
|
Components, Stores & Spares |
1326.058 |
1311.305 |
1405.441 |
|
|
TOTAL IMPORTS |
1598.391 |
1697.087 |
1563.824 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.60 |
1.54 |
1.95 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
2597.400 |
2710.300 |
|
Total Expenditure |
2311.100 |
2417.600 |
|
PBIDT (Excl OI) |
286.300 |
292.700 |
|
Other Income |
5.700 |
15.800 |
|
Operating Profit |
292.000 |
308.400 |
|
Interest |
61.200 |
63.400 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
230.800 |
245.100 |
|
Depreciation |
219.300 |
202.200 |
|
Profit Before Tax |
11.500 |
42.900 |
|
Tax |
1.300 |
12.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
10.300 |
30.400 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
10.300 |
30.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.95 |
2.74 |
10.81 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
13.36 |
11.05 |
10.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.60 |
6.83 |
20.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.19 |
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.79 |
1.02 |
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.80 |
0.85 |
0.78 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
198.742 |
198.742 |
198.742 |
|
Reserves & Surplus |
2077.177 |
2232.148 |
2465.642 |
|
Net
worth |
2275.919 |
2430.890 |
2664.384 |
|
|
|
|
|
|
Long-term borrowings |
1800.823 |
1973.317 |
1610.573 |
|
Short term borrowings |
150.227 |
498.976 |
482.301 |
|
Total
borrowings |
1951.050 |
2472.293 |
2092.874 |
|
Debt/Equity ratio |
0.857 |
1.017 |
0.786 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
11405.302 |
11185.626 |
10429.952 |
|
|
|
(1.926) |
(6.756) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
11405.302 |
11185.626 |
10429.952 |
|
Profit |
388.370 |
306.108 |
516.615 |
|
|
3.41% |
2.74% |
4.95% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
ITA 1225/2009 and ITA 1253/2009
THE COMMISSIONER OF INCOME
TAX III ..... Appellant
Through: Ms Rashmi Chopra
Versus
SONA KOYO STEERING SYSTEMS
LTD. ..... Respondent
Through:
CORAM:
HON'BLE MR. JUSTICE BADAR
DURREZ AHMED
HON'BLE MR. JUSTICE V.K. JAIN
O R D E R
26.04.2010
The service report is
awaited.
Issue fresh notice,
returnable on 08.11.2010.
BADAR DURREZ AHMED, J
V.K. JAIN, J
APRIL 26, 2010/bg
13
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10534542 |
27/11/2014 |
400,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW
DELHI, DELHI - 110001, INDIA |
C35737733 |
|
2 |
10435312 |
14/10/2014 * |
372,000,000.00 |
STANDARD
CHARTERED BANK |
(ACTING AS AN
SECURITY AGENT) CDU,, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI -
110001, INDIA |
C32612640 |
|
3 |
10393321 |
14/10/2014 * |
300,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN
THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
C31793656 |
|
4 |
10389062 |
14/10/2014 * |
300,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW
DELHI, DELHI - 110001, INDIA |
C31797095 |
|
5 |
10341233 |
14/10/2014 * |
250,000,000.00 |
STANDARD
CHARTERED BANK |
(ACTING AS AN
SECURITY AGENT) CDU, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI -
110001, INDIA |
C32612871 |
|
6 |
10309839 |
14/10/2014 * |
100,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
7TH FLOOR,
AMBADEEP BUILDING, 14, K. G. MARG, CO |
C31911944 |
|
7 |
10292330 |
14/10/2014 * |
180,000,000.00 |
STANDARD
CHARTERED BANK |
(ACTING AS AN
SECURITY AGENT) CDU, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI -
110001, INDIA |
C32613564 |
|
8 |
10268153 |
14/10/2014 * |
300,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, 17, PARLIAMENT STREET, |
C31966716 |
|
9 |
10257544 |
02/12/2010 |
30,000,000.00 |
ALLAHABAD BANK |
26-27-28, NINEX
CITY MART, SOHNA ROAD, SECTOR-49, GURGAON, HARYANA - 122018, INDIA |
B02058683 |
|
10 |
10246741 |
14/10/2014 * |
30,000,000.00 |
INDIAN BANK |
NEW DELHI MAIN
BRANCH, G-41, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
C32172017 |
|
11 |
10222192 |
14/10/2014 * |
100,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. |
C32173619 |
|
12 |
10202522 |
03/02/2010 |
100,000,000.00 |
TATA CAPITAL
LIMITED |
ONE FORBES, DR V
B GANDHI MARG,FORT, MUMBAI, MAHA |
A79187886 |
|
13 |
10135427 |
14/10/2014 * |
300,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
C32188930 |
|
14 |
10089117 |
14/10/2014 * |
2,130,000,000.00 |
CORPORATION BANK |
INDUSTRIAL
FINANCE BRANCH, 1ST FLOOR, NO. 16/10, MAIN ARYA SAMAJ ROAD, KAROL BAGH,
DELHI, DELHI - |
C29807906 |
|
15 |
80038926 |
14/10/2014 * |
475,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT RISK
CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001,
INDIA |
C32613879 |
|
16 |
80004197 |
14/10/2014 * |
183,500,000.00 |
STATE BANK OF
HYDERABAD |
NARSINGPUR,
DISTT GURGAON, GURGAON, HARYANA - 122002, INDIA |
C32363236 |
|
17 |
80031248 |
14/10/2014 * |
30,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR VY |
C30826481 |
* Date of charge modification
GENERAL INFORMATION
The Company is primarily engaged in the manufacture of steering
systems and other auto components for the passenger car and utility vehicle
manufacturers. Automobile manufacturers are its primary customers. The Company
is a public Company listed on the Bombay Stock Exchange (BSE) and National
Stock Exchange (NSE).
AMALGAMATION OF
SONA STAMPINGS LIMITED (SSL) WITH THE COMPANY
SSL was established with a business objective of sheet metal processing,
comprising of press work and welding within automotive component sector.
Keeping in view the benefits arising out of better business synergies, reduced
cost and tax advantage etc., the Board of Directors of the Company had through
resolutions passed on 15th May, 2013 and 1st June, 2013, approved of a Scheme
of Amalgamation ("Scheme") between SSL and the Company. The said
Scheme was sanctioned by the Hon'ble High Courts of Delhi and Chandigarh on
16th April, 2014 and 28th April, 2014 respectively. The Orders of the Hon'ble
High Courts have been filed with the Registrar of Companies on 27th May, 2014.
The said Scheme has also been approved by various capital market regulators
viz. SEBI, Stock Exchanges and Depositories. Accordingly, SSL stands merged
with the Company with effect from the appointed date i.e. 1st April, 2013. The
standalone financial results of the Company for the financial year ended 31st
March, 2014 thus comprised the financials of SSL also.
a)
Pursuant to the Scheme of Amalgamation (‘the
Scheme’) of erstwhile Sona Stampings Limited with the Company under Sections
391 to 394 of the Companies Act, 1956 sanctioned by Hon’ble High Courts of
Delhi and Punjab and Haryana on 16th April, 2014 and 28th April, 2014
respectively, entire business and all assets and liabilities of Sona Stampings
Limited were transferred and vested in the Company effective from April 01,
2013. Accordingly the Scheme has been given effect to in these financial
statements.
Sona Stampings Limited was engaged in
manufacture and sale of sheet metal stampings, welded assemblies and modules
for automotive industry.
b)
The amalgamation has been accounted for under the
“Pooling of Interest” method as prescribed by the Accounting Standard 14
“Accounting for Amalgamations” notified under the Companies (Accounting
Standard) Rules, 2006 (as amended under Section 211(3C) of Companies Act, 1956.
Accordingly, the accounting treatment has been given as under:-
- The assets and liabilities as at April
01, 2013 were incorporated in the financial statement of the Company at
its book value.
- Debit balance in the statement of
profit & loss of Sona Stampings Limited as at April 01, 2013 amounting
to Rs.97.890 Millions was adjusted in capital redemption reserve account
for Rs.12.066 Millions and the balance Rs.85.824 Millions in securities
premium account.
- 2,02,778 equity shares of Rs.100/- each
fully paid in Sona Stampings Limited, held as investment by the Company
stands cancelled and difference between the book value and face value of
such shares amounting to Rs.43.438 Millions was adjusted against the securities
premium account of the Company.
MANAGEMENT
DISCUSSION AND ANALYSIS
During FY14, despite persistent macro-economic challenges and dampened
consumer interest, Sona Koyo Steering Systems Ltd.’s strategic focus and
controlled operations helped it to emerge stronger and better placed to take
advantage of future growth in the domestic as well as the global automotive
industry. To counter the decline in sales of Passenger Vehicles (PV) by 6.05% –
a decadal low – according to the Society of Indian Automobile Manufacturers
(SIAM), the company re-emphasized operations and aligned them to a new market
focus. The company coupled backward integration with localization to achieve
reduction in raw material cost. Simultaneously, the Company decreased its
dependence on the PV segment by expanding presence in new segments, such as the
off-highway segment, and promising global markets, such as USA, on the back of
patented, indigenously-developed Electric Power Assist Module technology
(EPAM).
Sona Koyo also continued to build relationships with existing clients
while adding on new customers globally. Their columns division notably
notched-up top MNCs, Isuzu and Renault, as customers, and the work on new
product development for supply to these customers is progressing well. With
their relentless focus on supply chain streamlining and new product
development, coupled with technical tie-ups with global majors, Sona Koyo is
now more resilient than ever and confident about the future.
ECONOMIC SCENARIO
GDP growth in South Asia continued to be constrained in Calendar Year
(CY) 2013, as it had been in the previous two years. According to World Bank
data, GDP in South Asia, where India is a major contributor, slowed from 9.9%
in CY10 to 4.6% in CY13. India’s GDP growth fell dramatically to an annualized
rate to 4.7% in FY14 from the peak of 9.3% in FY11. The Index for Industrial
Production (IIP) for FY14 contracted 0.1% as against a rise of 1.1% in the
previous year, with the manufacturing sector’s output contracting 0.8% compared
to a rise of 1.3% in FY13. Currently, economic indicators point to a revival of
growth, as challenges such as the steep current account deficit, tight
liquidity and high food inflation have subsided. Most important, a fresh political
mandate at the Centre has resulted in some optimism in business. Measures to
expedite project clearances, capital expenditure expansion and improved
coordination between the Centre and the States are expected to improve
implementation. With a stable government in place, experts foresee the economic
recovery being investment-led and likely to set in once stalled public sector
projects are given impetus by way of speedy approvals and clearances.
According to the World Bank, the Indian GDP is expected to deliver a 5%
growth rate in FY15, discounting the risks of a deficient monsoon in 2014. GDP
is expected to increase further to 6% in FY16, primarily on the back of
improved industrial activity and the faster growth of the services sector.
MARKET OVERVIEW
India’s annual car sales continued their downward trend in FY14 for the
second year in a row. According to SIAM, the total domestic automotive market
grew by 3.53% YoY in FY14 against 2.6% in FY13, taking volumes to 18.4 mn
units. The PV segment de-grew in FY14 for the first time in a decade. Low
income growth due to high inflation coupled with persistently high interest
rates impacted consumer sentiments and discouraged household spending on
discretionary products such as automobiles. The cost of ownership, a key
influencer for first-time buyers, increased owing to significant rise in fuel
prices and high interest rates. These factors combined to hit the domestic PV
segment, which registered a decline of 6.05% in FY14 against FY13.
The Commercial Vehicle (CV) segment was the worst affected with sales
volumes declining by 20.23% across segments. The Two Wheeler segment emerged
the strongest, with a 7.31% volume growth in FY14 as against FY13. Within this
segment, the scooter sub-segment zoomed ahead with nearly 23% volume growth.
FY14 also witnessed a successful Auto Expo with close to 70 new product
launches compared with 47 in FY13. New launches, particularly in the petrol
segment, have done well as diesel prices continued to increase, thereby paving
the way for petrol cars. This year, promotional initiatives such as lucrative
financing schemes, heavy discounts and schemes to dealers were not able to
revive demand or increase footfalls at showrooms. However, measures that worked
for the industry in the last couple of years are new models/new product
launches and dealership expansion. New launches have helped beat the demand
slowdown, as demonstrated by some new brand launches this year, such as, Ford
Ecosport, Honda Amaze, and Maruti Celerio.
OUTLOOK
The Indian automotive industry is not only one of the highest
contributors to the country’s GDP, but it also provides employment to millions
of people, which creates a strong multiplier effect. The industry registered
impressive growth during the last two decades. It was able to restructure
itself, absorb new technology, align itself to global developments and realize
its potential.
The cumulative foreign direct investment (FDI) inflow into the
automotive industry from April 2000 to January 2014 was worth US$ 9,835 mn,
according to data published by the Department of Industrial Policy and
Promotion (DIPP), Government of India.
India is emerging as one of the most attractive destinations for global
outsourcing and as manufacturing base for Original Equipment Manufacturers
(OEMs). Contributing factors are primarily low manufacturing cost – typically
10-25% less than in Europe and Latin America – as well as India’s geographic
proximity to key automotive markets like the Middle-East and Europe. Global
automotive OEMs are gradually shifting their production facilities from North
America and Europe to China, India and several South American countries chiefly
because of availability of competitively priced labour and raw materials.
According to the Automotive Component Manufacturers Association (ACMA)
estimates, the Indian auto component industry is expected to reach a turnover
of US$ 115 bn by 2020-21. As per India Brand Equity Foundation (IBEF), Drive
Transmission and Steering Parts account for 19% of the total auto component
industry’s volume. The year ahead is expected to be a crucial one for the
Indian automotive industry as it looks to bounce back from two years of muted
growth. Although the pre-election volume pick-up did not pan out as expected,
the formation of a stable government at the Centre is expected to contribute to
a positive sentiment translating to better economic growth and volumes for the
industry. Some of the key growth triggers in the automotive sector include
possible interest rate cuts as a result of stabilizing inflation, fall in crude
oil prices, and pickup of industrial activity resulting from fast approvals and
clearances. Leading OEMs are also expected to introduce a raft of models at
competitive prices to spur consumer demand. The Interim Budget presented in
February 2013 provided for reduction in excise duty on small cars, motorcycles,
scooters and commercial vehicles from 12% to 8%. It also announced reduction in
excise duty on SUVs from 30% to 24%. The duty concession has been extended in
the Final Union Budget presented in July 2014 which is likely to boost
automobile sales.
Rising disposable income and a sizeable young working population are the
key drivers for the Indian automotive industry. The long-term outlook for this
industry remains positive with major global players developing bases in India
for manufacturing, global sourcing, as well as engineering. According to
analysts, growth rate in the auto sector is expected to rise in FY15, primarily
due to new product launches, a stable Central government, economic reforms,
stabilizing inflation and the expected reversal in interest rate cycle.
OPERATIONS
Anticipating continued weakness in the domestic PV market, the Company has
proactively diversified its products beyond PVs, to target new areas of growth.
The Company also focused on developing new customers across the globe. The
Company has maintained the thrust on research and development initiatives and
innovated new products. Further, against a challenging economic backdrop, the
Company focused on improving efficiencies.
During FY14, a total of Rs. 855.000 Millions of capital expenditure was
undertaken towards relocation, backward integration and efficiency improvement.
Sona Koyo will continue to invest in areas that will further make them more
competitive.
To expand the focus and to grow beyond the PV market, the Company has
decided to modify organization structure from PV-centric to one focused on
multiple strategic business units (SBU).
The Company now has separate SBUs for 1) Passenger Vehicles 2) Off
Highway and Commercial Vehicles 3) Pressure Die-casting and Sheet Metal 4)
Technology and Development. All the SBUs are headed by industry veterans. The
growth momentum in the indigenously-developed EPAM continued during FY14. EPAM,
besides earning foreign currency, has also generated a higher profit margin.
During FY14, the Company exported 22,827 units of EPAM resulting in a turnover
of Rs. 393.200 Millions as against 10,564 units for Rs. 177.700 Millions in
FY13. At present, three large US-based All-Terrain Vehicle (ATV) manufacturers
have expressed interest in this technology and requested samples. Domestically,
the Company is in the process of adding another tractor manufacturer as a
client for EPAM. Last year, the Company received product approval to deploy
EPAM technology on an upcoming tractor model for a major Indian tractor
manufacturer. The patented homegrown technology continues to create a strong
competitive advantage for the Company, along with healthy margins. Sona Koyo
will continue to focus on the off-highway vehicle segment and will undertake
EPAM capacity expansion in near future.
FY14 was also a landmark year for the Company’s columns division. During
this year, the Company secured new business from Isuzu. Isuzu plans to launch
its first PV in the Indian market. Sona Koyo will supply columns for the first
SUV that the OEM plans to launch in FY15. The Company has also secured Renault
as a client and will supply columns for Renault’s Duster.
Sona Koyo has taken a new initiative to achieve manufacturing excellence
through structural realignment of production lines and efficiency improvement.
This will involve relocation of some manufacturing operations from Gurgaon to
three plants in Dharuhera, also in Haryana; and one each in Sanand, Gujarat;
and Chennai. The relocation of the Gurgaon facilities to Dharuhera is on track.
Visible improvements in efficiency and profitability are expected once the
relocation has been completed.
IMPROVING
PROFITABILITY AND COMPETITIVENESS
FY14 was the only year in the last decade when PV volumes declined.
Although the industry was shackled by depressed consumer sentiment, Sona Koyo
chose to focus on improving profitability. During the year, various
cost-reduction initiatives such as localization, focused cost cutting and value
engineering helped boost the Company’s operational performance.
Sona Koyo’s consolidated EBITDA during the year expanded to 12.0% from
11.3% in FY13. The rise in operating profit was mainly driven by reduction in
material cost due to localization, alternate sourcing, value analysis and value
engineering (VA/VE) activities and actively working with suppliers. Raw
material cost as a percentage of sales decreased from 70.2% in FY13 to 68.8% in
FY14.
Sona Koyo continues to invest in various HR programs and in training
employees to add value, enhance their morale and engagement, and to raise
productivity. During the year, the HR department introduced group life-insurance
cover of up to Rs.1.000 Million and a maternity benefit program. The HR
department also undertook a study in association with the Hay Group to
streamline jobs and to map job roles to compensation. Besides these
initiatives, the department also organized training for shop floor supervisors
at the Sona Skill Development Centre. The training is aimed at improving and
enhancing the supervision and managerial qualities.
The Company has implemented MRP (Material Resource Planning) software in
order to improve inventory management and to facilitate better and efficient
communication with suppliers. The Company has also put in place the Remote
Warehouse Management System to better track and manage inventory, which in turn
will help them to reduce inventory carrying cost as well as to improve
efficiency.
RECOGNITIONS
Awards from the industry, community and customers are testimony to an
organization’s worth. Sona Koyo once again proved its commitment to excellence by
earning recognition from the Automotive Component Manufacturers Association
(ACMA) and major passenger vehicle OEMs. Sona Koyo’s continuing emphasis on
research and development was recognized by ACMA’s “Award for Excellence in
Technology – Large Category”. On the customers’ side, Tata Motors bestowed the
Company with the Best Supplier 2013 award. Sona Koyo was also recognized as
Best Vendor Support and Best Delivery by Toyota Kirloskar Motor Limited for its
outstanding performance during FY14.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
HALF YEAR ENDED 30TH SEPTEMBER, 2014
(RS.
IN MILLIONS)
|
SR. NO. |
PARTICULARS |
Quarter ended |
Preceding Quarter Ended |
Half Year Ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. |
Income from
operations |
|
|
|
|
|
(a) Net sales from operations (net of excise duty) |
2676.882 |
2574.366 |
5251.248 |
|
|
(b) Other operating income |
33.372 |
22.997 |
56.369 |
|
|
Total income from
operations (net) |
2710.254 |
2597.363 |
5307.617 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) Cost of raw material and components consumed |
1793.411 |
1710.406 |
3503.817 |
|
|
b) Purchase of Stock –in-Trade |
37.809 |
49.657 |
87.466 |
|
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(10.362) |
(2.678) |
(13.040) |
|
|
d) Employee Cost benefits expenses |
301.077 |
277.921 |
578.998 |
|
|
(e) Depreciation and amortization expense |
202.170 |
219.266 |
421.436 |
|
|
f) Other expenses |
295.663 |
275.801 |
571.464 |
|
|
g)
Total Expenditure (a to f) |
2619.768 |
2530.373 |
5150.141 |
|
|
|
|
|
|
|
3. |
Profit/ (Loss)
from operations before other income, finance costs and exceptional items (
1-2) |
90.486 |
66.990 |
157.476 |
|
|
|
|
|
|
|
4. |
Other Income |
15.766 |
5.726 |
21.492 |
|
|
|
|
|
|
|
5. |
Profit/ (Loss)
from ordinary activities before finance costs and exceptional items ( 3+4) |
106.252 |
72.716 |
178.968 |
|
|
|
|
|
|
|
6. |
Finance Costs |
63.363 |
61.225 |
124.588 |
|
|
|
|
|
|
|
7. |
Profit/ (Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
42.889 |
11.491 |
54.380 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit/ (Loss)
from ordinary activities before tax ( 7-8 ) |
42.889 |
11.491 |
54.380 |
|
|
|
|
|
|
|
10. |
Tax Expense |
|
|
|
|
|
a)
Current Year |
26.714 |
40.186 |
66.900 |
|
|
b)
Earlier years |
-- |
-- |
-- |
|
|
c)
Minimum alternate tax (MAT) credit entitlement |
-- |
-- |
-- |
|
|
d)
Deferred Tax |
(14.182) |
(38.940) |
(53.122) |
|
|
Total tax
expenses |
12.532 |
1.246 |
13.778 |
|
|
|
|
|
|
|
11. |
Net profit/
(loss) from ordinary activities after tax ( 9-10 ) |
30.357 |
10.245 |
40.602 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
30.357 |
10.245 |
40.602 |
|
|
|
|
|
|
|
14. |
Minority
interest |
-- |
-- |
-- |
|
|
|
|
|
|
|
15. |
Net profit/
(loss) after taxes, minority interest (13-14) |
30.357 |
10.245 |
40.602 |
|
|
|
|
|
|
|
16. |
Paid up equity sham capital ( Face value of Rs 1/- per share) |
198.742 |
198.742 |
198.742 |
|
|
|
|
|
|
|
17. |
Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
-- |
-- |
-- |
|
|
|
|
|
|
|
18. |
Earnings Per Share (EPS) (Face value of Re 1/- per share) (not annualized for quarterly) |
|
|
|
|
|
a) Basic |
0.15 |
0.05 |
0.20 |
|
|
b) Diluted |
0.15 |
0.05 |
0.20 |
|
|
|
|
|
|
|
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
19. |
Public
Shareholding |
|
|
|
|
(a) |
- Number of Shares |
94174093 |
94127660 |
94174093 |
|
|
- Percentage of Shareholding |
47.39% |
47.36% |
47.39% |
|
|
|
|
|
|
|
20. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
(A) |
Equity
Shares |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Face Value of Rs 1/- per share |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
104567739 |
104614172 |
104567739 |
|
|
- Face Value of Rs 1/- per share |
|
|
|
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
52.61 |
52.64% |
52.61% |
|
|
Particulars |
Three
months ended 30.09.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
7 |
|
|
Disposed of during the quarter |
7 |
|
|
Remaining unresolved at the end of the quarter |
0 |
NOTES:
1)
The above Unaudited Financial Results for the quarter and half
year ended 30 September 30, 2014, as reviewed by the Audit Committee have been
taken on record and approved by the Board of Directors of the Company in their
meeting held on 13 November, 2014.
2)
Pursuant to clause 41 of the Listing Agreement, Limited Review
of the Standalone and Consolidated Unaudited Financial Results for the quarter
ended 30th September, 2014 has been carried out by the Statutory Auditors and
the same has been placed before the Board.
3)
Consolidated Financial Statement has been prepared in
accordance with Accounting Standard-21 "Consolidated Financial
Statements".
4)
The Consolidated results include subsidiaries Sona Fuji Kiko
Automotive Limited and JTEKT Sona Automotive India Limited and an associate
company - Sona Skill Development Centre Limited.
5)
Segment Reporting: The Company(ies) are primarily engaged in
the business of auto components of four wheelers, which are governed by the
same set of risk and returns and hence there is only one Primary segment. The
said treatment is in accordance with the guiding principle enunciated in the
Accounting Standard on Segment Reporting (AS-17).
6)
Consequent to the adoption of the revised estimation of the
useful life of the fixed assets of the Company as stipulated in Schedule II of
the Companies Act 2013 with effect from April 01, 2014, the depreciation for
the current quarter is higher by Rs. 64.640 Millions. (Rs. 89.262 Millions on
consolidated basis) and for the half year it is higher by Rs 150.270 Millions
(Rs 191.220 Millions on consolidated basis). Further, an amount of Rs. 64.833
Millions (Rs. 75.539 Millions on consolidated basis,} has been adjusted against
the opening balance of retained earnings i.e. surplus in the statement of
profit and loss {net of deferred tax of Rs. 33.384 Millions (Rs. 38.923
Millions on consolidated basis.)] as on that date in respect of the residual
value of assets wherein the remaining useful life has become nil.
7)
EPS has been computed in accordance with Accounting Standard
AS-20.
8)
Previous Period(s) / year figures have been regrouped /
recasted wherever necessary.
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
SR. NO. |
PARTICULARS |
30.09.2014 (Unaudited) |
|
|
|
|
|
A |
EQUITY AND
LIABILITIES |
|
|
|
|
|
|
1 |
Shareholders'
funds |
|
|
|
a)
Share capital |
198.742 |
|
|
b)
Reserves and surplus |
2441.407 |
|
|
Sub total |
2640.149 |
|
|
|
|
|
2 |
Minority
interest |
-- |
|
|
|
|
|
3 |
Non-current Liabilities |
|
|
|
a)
Long-term borrowings |
1452.207 |
|
|
b)
Deferred tax liabilities (Net) |
303.552 |
|
|
c)
Other Long term liabilities |
4.726 |
|
|
d)
Long-term provisions |
44.442 |
|
|
Sub total |
1804.927 |
|
|
|
|
|
4 |
Current Liabilities |
|
|
|
a)
Short-term borrowings |
490.206 |
|
|
b)
Trade payables |
1437.685 |
|
|
c)
Other current liabilities |
949.327 |
|
|
d)
Short-term provisions |
17.160 |
|
|
Sub total |
2894.378 |
|
|
|
|
|
|
Total EQUITY AND
LIABILITIES |
7339.454 |
|
|
|
|
|
B |
ASSETS |
|
|
|
|
|
|
1 |
Non-current
assets |
|
|
|
a) Fixed assets |
|
|
|
|
3915.437 |
|
|
|
254.326 |
|
|
|
404.463 |
|
|
|
98.009 |
|
|
b) Goodwill on consolidation |
-- |
|
|
c) Non-current investments |
354.819 |
|
|
d) Long-term loans and advances |
59.844 |
|
|
e) Other non-current assets |
1.588 |
|
|
Sub total |
5088.486 |
|
|
|
|
|
2 |
Current assets |
|
|
|
a)
Inventories |
734.763 |
|
|
b)
Trade receivables |
1174.108 |
|
|
c)
Cash and bank balances |
27.432 |
|
|
d)
Short-term loans and advances |
253.854 |
|
|
e)
Other current assets |
60.811 |
|
|
Sub total |
2250.968 |
|
|
|
|
|
|
TOTAL ASSETS |
7339.454 |
CONTINGENT
LIABILITIES:
|
Particulars |
Period Covered |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
I) Claims
against the Company not acknowledged as debt on account of : |
|
|
|
|
a) Excise duty i) Show cause notice received and pending with Adjudication Authority |
2004-05 to 2007-08 and 2012-13 |
160.858 |
152.944 |
|
ii) Cases pending before Appellate authorities in respect of which the
company has filed appeals |
2009-10 to 2010-11 |
8.452 |
0.371 |
|
|
Total |
169.310 |
153.315 |
|
b) Service Tax i) Show cause notice received and pending with Adjudication Authority |
2008-09 to 2013-14 |
11.409 |
3.065 |
|
ii) Cases pending before Appellate authorities in respect of which the
company has filed appeals/ show cause notices |
2009-10 to 2011-12 |
22.881 |
26.173 |
|
|
Total |
34.290 |
29.238 |
|
c) VAT Haryana i) Local area development tax (LADT) levied by Assessing Authority
Gurgaon, writ petition civil pending with Supreme Court |
2007-08 to 2013-14 |
80.986 |
63.615 |
|
d) Customs Duty
(DGFT) i) Show cause notice received from adjudication authority (DGFT) for
advance license |
2012-13 |
0.625 |
0.576 |
|
ii) Case of
valuation of import goods with Special Valuation Branch under Custom Act |
2013-14 |
7.720 |
0.000 |
|
*Includes penalty
wherever indicated in the order and interest calculated up to 31-03-2014 |
|
|
|
|
e) Income Tax i) Cases pending before Courts / Appeallate Authorities in respect of
which the Company has filed appeal. |
|
0.000 |
3.053 |
|
f) Customer’s claims against Company |
|
0.000 |
69.641 |
|
II) Customer bills discounted |
|
30.000 |
187.900 |
|
III) Letter of credit opened by banks for purchase of inventory /
capital goods |
|
39.757 |
39.547 |
|
IV) The Government of West Bengal is in appeal in Hon’ble
Supreme Court for validity of the Singur Land Rehabilitation and Development
Act, 2011. Pending finalization of the case, the Company has not made any
provision for the impairment of its value of land at Singur. |
|||
FIXED ASSETS:
Tangible assets
· Freehold land
· Leasehold land
· Buildings
· Lease hold improvements
· Plant and equipments
· Jigs and fixtures
· Electric installations
· Furniture and fixtures
· Office equipments
· Vehicles
· R&D-plant and equipments
· R&D-office equipments
Intangible Assets
· R&D-computer softwares
· Computer softwares
· Product development cost
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.07 |
|
|
1 |
Rs. 98.73 |
|
Euro |
1 |
Rs. 77.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.